Friday, October 5, 2012

Mutual Fund:Syndicate Bank tie-up, ICICI Prudential, MF distribution

ICICI Prudential MF, Syndicate Bank tie-up for MF distribution:

ICICI Prudential Mutual Fund has entered into a strategic partnership along Syndicate Bank, one of India`s almost trusted as well as progressive PSU banks for distribution of its mutual fund schemes to further strengthen its distribution reach. Syndicate Bank will now be distributing ICICI Prudential Mutual Fund products to its customers across India through its large network of 2709 Branches.

Speaking on the actual alliance, Anjaneya Prasad, executive director, of Syndicate Bank, (Q,N,C,F)* said, ``The bank`s continuous endeavor is to provide one stop banking as well as investment solutions to its customers. This tie-up along AMCs like ICICI Prudential AMC is one such initiative to provide customers a wider range of investment options, other than the actual regular banking products.

Commenting on the actual partnership, Nimesh Shah, managing director & CEO, ICICI Prudential AMC said, ``We trust that retail investors will be the actual drivers of MF industry going forward. A lot can be done to reach out to the actual vast population of retail investors in the actual semi-urban as well as rural India. In order to improve penetration, we are keen to partner along institutions that have the actual reach as well as customer loyalty. the actual alliance along Syndicate Bank will strengthen our distribution as well as assist us provide our products to investors across geographies as well as sections. It is a valuable partnership for us, as well as a step towards inclusive growth.

Shares of the actual bank gained Rs 4, or 3.7%, to trade at Rs 112.20. the actual total volume of shares traded was 197,324 at the actual BSE (1.36 p.m., Monday).
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